CRISIL`s Q3 cons total income increases to 38% at Rs 220 cr

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CRISIL`s Q3 cons total income increases to 38% at Rs 220 cr

CRISIL has come out with its report on Unaudited Financial Results for the third quarter ended September 30, 2011

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CRISIL has come out with its report on Unaudited Financial Results for the third quarter ended September 30, 2011

The Board of Directors of CRISIL Limited at its meeting, approved the Unaudited Financial Results for the third quarter ended September 30, 2011.

CRISIL's consolidated total income for the third quarter ended September 30, 2011, stood at Rs 220.05 crores as against Rs 159.11 crores in the corresponding quarter of the previous year, an increase of 38.3 per cent. The net profit after tax was Rs 60.18 crores, as against Rs 75.44 crores in the corresponding period of the previous year. For the nine months ended September 30, 2011 the consolidated total income from operations was Rs. 602.60 crores, an increase of 32.8 per cent over the corresponding period of the previous year. The net profit after tax for the nine months ended September 30, 2011 was Rs. 150.61 crores. Adjusted for one time profit on sale of assets in the corresponding period of the previous year, the net profit after tax showed an increase of 28.8 per cent. The Board of Directors has declared a third interim dividend of Rs. 2.75 per share on face value of Re. 1/- per equity share in addition to a first and second interim dividend of Rs. 27.5 per share each declared in the first and second quarter earlier in the year on face value of Rs. 10/- per equity share.

The Board of Directors of the Company has considered and approved, subject to the approval of the shareholders of the Company, and such other approvals/consents, as may be necessary, the buyback of the Company's equity shares at a price not exceeding Rs.1,000/- per share and up to an aggregate amount of Rs. 80 crores, being within 25 per cent of the total paid-up equity share capital and free reserves as per the audited Balance Sheet as at December 31, 2010. The Company proposes to buy back shares from the National Stock Exchange of India Limited ("NSE") and Bombay Stock Exchange Limited ('BSE") through open market purchases from time to time. This buy-back is intended to provide a tax efficient mechanism to return money to shareholders.

The promoters (Standard and Poor's and its associates) and the directors of the Company will not participate in the proposed buyback process. CRISIL Ratings' revenue growth during the quarter was contributed by Bank Loan Ratings and SME Ratings. Bond issuances remain muted due to high interest rates and tight liquidity in the market. CRISIL Ratings, in a unique partnership with The Indian Institute of Management, Ahmedabad (IIM-A) audited and verified the placement data in accordance with the Indian Placement Reporting Standards (IPRS). CRISIL Ratings' international business, consisting primarily of business with Standard & Poor's (S&P) progressed well.

CRISIL Global Research & Analytics (Irevna, Pipal Research) registered good growth during the quarter. Growth was driven by expansion in business from existing clients and new verticals. CRISIL Global Research & Analytics along with NASSCOM released the first comprehensive report in India on the Knowledge Services Industry. Further, Irevna won the first ever NASSCOM Exemplary Talent (NExT) Practices Awards 2011 for skill enhancement.

CRISIL Research registered strong performance driven by growth in industry and customized research. The landmark assignment of preparing reports on all the 1401 listed and traded companies on National Stock Exchange (NSE) was completed during the quarter and two special reports titled, "Retail Loan Products - Opportunities and Risks beyond metros and mini-metros" and "Reality Next - Beyond the top 10 cities in India" were released.
CRISIL Research also launched 'CRISIL Gilt Index' which will track the performance of Indian Government securities and 'CRISIL Gold Index' which will track the performance of gold prices in the Indian market.

CRISIL Risk and Infrastructure Solutions Ltd (CRIS), is a wholly-owned subsidiary of CRISIL Ltd that houses the infrastructure advisory and risk solutions business. Key assignments won during the quarter by Infrastructure Advisory include an analysis of distribution utilities in selected states for a leading private sector power Company, mandates from a multilateral organisation for East Asia and Pacific Infrastructure Regulatory Forum and establishing a Fiscal Risk Management Framework and preparation of a pilot PPP transaction. CRISIL Risk Solutions (CRS) won its first mandate from a bank in Sri Lanka to implement risk assessment models. CRS also won an assignment for software implementation from a bank in Mauritius.

During the quarter the Company successfully completed the sub-division of the nominal value of the equity shares from Rs. 10/- per equity share to Re. 1/- per equity share. The sub-division of shares was approved by the shareholders by postal ballot on September 5, 2011.

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To read the full report click on the attachment